The present invention relates to forecasting, and more specifically, to forecast model calibration.
Forecasting is used in a number of planning and resource allocation scenarios. For example, during a natural disaster, a utility may use damage forecasts to perform crew allocation. This planning and allocation helps ensure that the necessary crews and equipment are available to expedite repair of the damage and restore service. As another example, an online retailer may use forecasting to obtain sufficient inventory to fill orders during increased sale cycles, such as Cyber Monday. The forecasting model may rely on historical data and current inputs.